Roku Stock Is Surging Monday: What's Going On?
Portfolio Pulse from Adam Eckert
Roku Inc (NASDAQ:ROKU) stock is experiencing a surge following an upgrade from Cannonball Research analyst Vasily Karasyov, who changed the rating from Neutral to Buy with a price target of $116. Karasyov cites potential for upward estimate revisions, noting that current consensus estimates for fiscal year 2024 may be conservative, with a forecasted 17.5% growth in video advertising and a 7.7% decline in platform revenue. The analyst believes that connected TV advertising spending is more resilient than expected and that Roku's market share gains are likely to continue, contrary to the scenario where they would need to stop for the base case to play out.
November 27, 2023 | 5:38 pm
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POSITIVE IMPACT
Roku Inc's stock is positively impacted by an analyst upgrade from Cannonball Research, with a new price target suggesting significant upside potential.
Analyst upgrades typically lead to positive short-term price movements as they often influence investor sentiment and can lead to increased buying pressure. The upgrade by Cannonball Research, along with the new price target, suggests a strong conviction in Roku's future performance, which is likely to be reflected in the stock's short-term price action.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100